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Our Bureau

Chennai, Nov. 26 Markets opened on a strong note on Monday morning and witnessed a relatively sedate trading session.

Many of the stocks in the derivatives segment that had witnessed steep sell-offs last week used the opportunity to clamber back to safety.

Nifty near-month futures opened with an upward gap of 86 points and went on to close the day with a 2.5 per cent gain.

The bears who had initiated short positions last week were trapped and short covering contributed significantly to the strong show on Monday.

Nifty futures closed the session with a 30 points premium. Nifty futures roll-over improved to 22 per cent.

Turnover improved to Rs 76,000 crore in the derivatives segment, though the cash segment witnessed relatively muted volumes.

Stock futures belonging to the real estate sector were in demand on Monday. Sobha developers, IVR Prime and Peninsula Land were among the counters that were trading at a premium to their underlying price in the last trading session.

Metals stocks too had their day in the sun. Of these, Bhushal Steel walked away with the laurels, recording a 45 per cent increase in stock price.

The 138 per cent jump in open interest implies that market participants are betting that the uptrend will continue in the stock.

Ultratech Cement, Bharat Forge and GE Shipping were among the stocks that experienced heavy unwinding of positions.

FIIs were net buyers in both stock as well as index futures on Monday.

That is comforting, after the heavy sales pressed by these external investors in the derivative segment last week.

Securities under trading ban for Tuesday are TTML, JP Hydro, NIIT Technologies, IFCI, Adlabs and GMR Infrastructure since they have crossed 95 per cent of the market-wide position limit.

More Stories on : Derivatives Markets | On the hedge

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